KUALA LUMPUR (Dec 21): Oriental Interest Bhd has entered into a deal with TTDI Land Sdn Bhd to jointly develop 54.55 acres of land in Klang into commercial and residential units.

The property developer said that under the deal, its 52.5%-owned subsidiary, Total Majority Sdn Bhd,  has secured the rights to develop the project on the land and to sell the units to end-purchasers.

TTDI Land as the land owner will be entitled to a payment of RM150 million, Oriental Interest said in a filing with Bursa Malaysia.

“The development is in line with the group’s strategic planning to leverage on the group’s strengths in property development and construction to team up with its joint venture partners and land owner for successful execution of project contemplated,” the group added.

The group said it intends to finance the development costs through internally generated funds or bank borrowings. The project is expected to be completed by 2034, it added.

Shares in Oriental Interest were last traded at RM1.21, giving the group a market capitalisation of RM562.14 million. Year to date, the stock has risen 28.72%.